When it comes to insuring your vehicle, the cost can vary significantly depending on several factors, including the make and model of your car. Insurance companies assess these factors to determine the risk associated with each vehicle, which directly impacts your insurance premiums. Here’s a look at some of the factors that influence insurance costs and which vehicles tend to be the most and least expensive to insure.
Your choice of vehicle significantly influences your car insurance rates. We examined average auto insurance premiums across over 50 of the top-selling vehicles sourced from leading car insurance providers to identify which models are the most and least expensive to insure.
Least Expensive Car to Insure in 2024
This is a list of the least expensive cars that you can insure in 2024
| Vehicle | Average Annual Premium |
| Honda CR-V-LX | $1,574 |
| Jeep Wrangler JL Sport | $1,585 |
| Subaru Crosstrek | $1,606 |
| Subaru Forester 2.5I | $1,613 |
| Hyundai Tucson SE | $1,637 |
| Jeep Compass Latitude | $1,645 |
| Volkswagen Tiguan SE | $1,663 |
Medium- Expensive Cars to Insure in 2024
Below are some of the medium-sized expensive cars to insure in 2024. You can check with your insurer to check the rates and what coverage the rates will cover.
| Vehicle | Average Annual Premium |
| Chevrolet Silverado 1500 WT | $1,813 |
| Jeep Cherokee Limited | $1,809 |
| Toyota Tundra SR | $1,818 |
| Volkswagen Jetta SE | $1,833 |
| Chevrolet Blazer 2LT | $1,811 |
| Honda Civic EX | $1,838 |
| Ford Fusion SE | $1,865 |
The Most Expensive Cars to Insure in 2024
The cost of car insurance is influenced by more than just the type of vehicle you drive. Below is a list of the most expensive cars that you can insure in 2024.
| Vehicle | Average Annual Premium |
| Dodge Ram 1500 Rebel | $2,015 |
| Lexus RX 350 | $2,105 |
| Lexus NX 300h | $2,014 |
| Tesla Model 3 Standard Plus | $2,447 |
| Nissan Altima 2.0 S | $2,130 |
| Volvo XC90 T8 Inscription | $2,456 |
| Lexus ES 300H | $2,485 |
| Tesla Model S Performance | $3,960 |
What Makes a Vehicle Expensive to Insure?
The cost of car insurance is influenced significantly by the type of vehicle you drive. Insurers consider the history of claims associated with similar models when determining their rate. For instance, if a particular car model has a history of high liability claims due to injuries it has caused to others, this can lead to higher insurance premiums for that model.
Vehicles with high repair costs are also more expensive to insure. Advanced safety features, such as parking assist and lane departure warnings, can drive up repair costs because these technologies are costly to fix or replace.
Additionally, if you purchase collision and comprehensive insurance, the history of claims for similar models will impact your premiums. The value of the vehicle plays a crucial role here. For example, if a falling tree damages your car, a comprehensive insurance claim would cover the vehicle’s current market value minus the deductible. Consequently, more expensive vehicles come with higher premiums for collision and comprehensive coverage.
What Affects Car Insurance Cost?
The cost of car insurance is influenced by more than just the type of vehicle you drive. Several other factors can have a significant impact on your insurance rates. Here are some of the key elements that insurers consider:
- Driving Record: Your history of accidents and traffic violations plays a major role in determining your rates.
- Location: Where you live and park your car, known as the garaging address, affects premiums due to varying risks of theft, vandalism, and accidents in different areas.
- Vehicle Usage: How you use your vehicle—whether for personal, business, or commuting purposes—can influence your rates.
- Mileage: The number of miles you drive annually impacts your risk profile, with higher mileage potentially leading to higher rates.
- Credit-Based Insurance Score: Insurers often use your credit score to predict the likelihood of filing a claim, which can affect your premiums.
- Past Claims: Your history of insurance claims can indicate your likelihood of filing future claims, influencing your rates.
- Coverage Lapses: Any recent gaps in auto insurance coverage can result in higher premiums.
- Vehicle Type: The make, model, and age of your vehicle are considered, as different cars have different repair costs and risk profiles.
- Chosen Coverage: The types and amounts of coverage you select, including deductibles and additional options, directly impact your insurance costs.
How Car Models Influence Insurance Rates
Car insurance rates are determined by assessing the likelihood of a claim being filed and the potential cost of such claims.
Insurance companies evaluate various factors to gauge a vehicle’s risk profile. This includes analyzing historical data on accidents, repair expenses, and theft rates specific to your geographic area. Vehicles with a history of frequent or costly claims generally attract higher insurance premiums.
Conversely, cars that are less expensive to insure typically have a track record of fewer and less costly claims.
Conclusion
When selecting a vehicle, it’s essential to consider insurance costs alongside other expenses. Understanding how different factors influence insurance rates can help you make a more informed decision. Before purchasing a car, it’s wise to obtain insurance quotes to compare costs based on the specific make, model, and features you are considering.
By choosing a vehicle with favourable insurance characteristics, you can potentially save on premiums while ensuring adequate coverage for your needs.
